F-9082205 Comunicado N 9340 Ref: Oferta de Compra de Barings BDC Inc (BBDC) Código CVSA: 93703 Código CUSIP: 06759L103 Buenos Aires, 10 de agosto de 2018 Sres Depositantes Tengo el agrado de dirigirme a Uds a efectos de hacerles llegar la información que hemos recibido de la Central de Clearing del Exterior The Depositary Trust Company (DTC) sobre el título de la referencia Aquellos tenedores que deseen tomar acción al respecto, deberán presentar en el Sector Imputaciones de esta Caja de Valores SA (primer subsuelo), el formulario Solicitud para participar de Eventos Corporativos (en Original y Duplicado) disponible en la página web de Caja de Valores SA (wwwcajvalsbacomar), no más del 4 de septiembre de 2018, hasta las 13:30 hs, con el fin de que se proceda a enviar a dicha Central las instrucciones correspondientes Por favor tenga en cuenta que tales títulos serán bloqueados en una cuenta de Caja de Valores hasta la finalización de la oferta Para mayor información al respecto, adjuntamos el reporte enviado por la Central arriba mencionada (Anexo I) Ante cualquier consulta sobre el presente evento se podrán comunicar con el Agente de Información designado por el emisor: Alliance Advisors LLC Teléfono: +54 (888) 991-1291 baringsbdc@allianceadvisorscom Cabe destacar que Caja de Valores SA trasladará a los señores depositantes los cargos que surjan de las gestiones relacionadas con el presente evento Caja de Valores SA 25 de Mayo 362, (C1002ABH) Bs As Argentina Tel/Fax: (54 11) 4317 8900 wwwcajvalsbacomar Agente de Depósito Colectivo - Agente de Custodia, Registro y Pago, registrado bajo el N 19 de la CNV
F-9082205 Señalamos que es de exclusiva responsabilidad de los Depositantes y de los tenedores de los títulos tomar o no acción al respecto; razón por la cual las condiciones del presente no podrán interpretarse como recomendaciones o sugerencias de Caja de Valores SA para participar en el evento Sin otro particular los saluda atentamente, Walter Escudero Gerente de Operaciones JCM Caja de Valores SA 25 de Mayo 362, (C1002ABH) Bs As Argentina Tel/Fax: (54 11) 4317 8900 wwwcajvalsbacomar Agente de Depósito Colectivo - Agente de Custodia, Registro y Pago, registrado bajo el N 19 de la CNV
Selected Envelope Detail for Envelope ID: 52-06759L103-1 Go To: Select an optioncorporate Actions ServicesSettlement Services MenuCUSIP SearchNew and Contra CUSIP SearchReorganization Summary SearchReorganization New CUSIPs SearchReorganization Updated CUSIPs SearchMaturity Summary SearchMaturity Updated CUSIPs SearchRedemption Summary SearchRedemption Updated CUSIPs SearchRedemption Cancelled CUSIPs SearchLottery Results SearchDividend Announcement Services Aug 10, 2018-3:41 PM EST Logged on as: 05610-002 Selected Reorganization CUSIP CUSIP: 06759L103 Activity: Tender (52) Create Date: 08/07/2018 CUSIP Description: BARINGS BDC, INC + Comments: None Position: Target Direct Inquiries to: THE CUSTOMER HELP CENTER AT Phone: (888) 382-2721 - OPTION 4 Phone: Envelope Detail OFFER TYPE : DUTCH AUCTION FINAL INFORMATION SOURCE : OTP/LOT DATE FINAL INFO SOURCE REC'D : 08/10/2018 FOREIGN ISSUE : N PAYOUT CURRENCY : U S DOLLAR OFFEROR : BARINGS BDC, INC OFFEROR S TERMS : TENDER AT $1020 PER SHARE ATOP ELIGIBLE : ATOP I ELIGIBLE CONTRA CUSIP : 067SPC998 CONTRA CUSIP DESC : BARINGS BDC, INC & DTC EXPIRATION DATE : 09/06/2018 ACTUAL EXPIRATION DATE : 09/06/2018 DTC COVER PROTECT EXPIR DATE : 09/10/2018 ACTUAL COVER PROTECT EXPIR DT : 09/10/2018 WITHDRAWAL DATE : 09/06/2018 WITHDRAWAL PRIVILEGE : N DTC SUBMIT PROTECT EXPIR DATE : 09/06/2018 BID ODD LOT (ATOP) : Y NUMBER OF CONDITIONS : 1 Comments 8/7/18: The telephone number for the information agent is: Alliance Advisors, LLC (888) 991-1291 Email: baringsbdc@allianceadvisorscom 08/09/18: Participants should obtain the Offer to Purchase (dated 08/07/18) and the related Letter of Transmittal for complete details of the offer Barings BDC, Inc, is offering to purchase for cash shares of its common stock, par value $0001 per share, for an aggregate purchase price of not more than $50,000,000 at a price specified by the tendering stockholders of not greater than $1172 or less than $1020 per Share, net to the seller in cash, less any applicable withholding taxes and without interest, on the terms and subject to the conditions described in the Offer to Purchase, dated August 7, 2018, and the related Letter of Transmittal Upon the terms and subject to the conditions set forth in the Offer to Purchase, including the provisions relating to "odd lot" priority, proration and conditional tenders described in the Offer to Purchase, the Company will determine a single price per Share (the "Purchase Price"), which will be not more than $1172 and not less than $1020 per Share, that it will pay for Shares properly tendered in the Offer and not properly withdrawn, and accepted for purchase, taking into account the number of Shares tendered pursuant to the Offer and the prices specified by the tendering stockholders The Purchase Price will be the lowest price per Share (in increments of $010, except for the first increment above the minimum purchase price, which is $012) of not more than $1172 and not less than $1020 per Share, at which Shares have been Page 1
properly tendered or have been deemed to be tendered in the Offer, that will enable the Company to purchase the maximum number of Shares properly tendered in the Offer and not properly withdrawn for an aggregate purchase price of $50,000,000 or such lesser number if less than $50,000,000 of Shares are properly tendered in the Offer after giving effect to any Shares properly withdrawn Holders who wish to maximize the chance their Shares will be purchased in the Offer, should tender their shares under the "Shares Tendered at Price Determined Pursuant to the Offer" option of the letter of Transmittal, that is, tender at a non-specified price Note that this election will mean that such Shares will be deemed to be tendered at the minimum price of $1020 per Share Holders should understand that this election may lower the Purchase Price and could result in their Shares being purchased at the minimum price of $1020 per Share Participants tendering on behalf of holders who wish to tender specifying a price of $1020 per share should utilize contra CUSIP 067SPC998 Participants tendering on behalf of holders who wish to tender specifying a price not greater than $1172 and not less than $1032 per share (in increments of $010) should utilize contra CUSIP 067SPC915 Participants tendering on behalf of holders who wish to tender without specifying a tender price (that is, "Shares Tendered at Price Determined Pursuant to the Offer") should utilize contra CUSIP 067NSP906 If the conditions to the Offer have been satisfied or waived and Shares having an aggregate purchase price in excess of $50,000,000, measured at the maximum price at which such Shares were properly tendered, have been properly tendered and not properly withdrawn prior to the Expiration Time, we will purchase Shares: o first, from all stockholders of "odd lots" (persons who own fewer than 100 Shares) who properly tender all of their Shares at or below the Purchase Price and do not properly withdraw them prior to the Expiration Time; o second, subject to the conditional tender provisions described in Section 6 of the Offer to Purchase, on a pro rata basis from all other stockholders who properly tender Shares at or below the Purchase Price and do not properly withdraw them before the expiration of the Offer; and o third, if necessary to permit us to purchase Shares having an aggregate purchase price of $50,000,000 (or such greater amount as we may elect to purchase, subject to applicable law), from holders who have tendered Shares at or below the Purchase Price conditionally (for which the condition was not initially satisfied) by random lot, to the extent feasible To be eligible for purchase by random lot, holders whose Shares are conditionally tendered must have properly tendered all of their Shares and not properly withdrawn them prior to the Expiration Time Participants are advised that this Offer has the following features: 1) Conditional Tender: Participants are advised that as per the terms of the Offer, tender instructions should be accepted on the condition that a minimum share amount stated in your PTOP instruction is accepted by the Offeror To do so, enter the minimum amount (quantity) of the "conditional" tender in the conditional field of the PTOP input screen Example: if a beneficial owner wishes to tender 500 shares on the condition that a minimum of 300 shares is accepted, the quantity you should enter in the conditional field is 300 This would mean that if after proration your tendered quantity would be reduced below 300 shares, you will have no shares accepted Note: If you do NOT wish your tender to be conditioned upon a minimum amount of shares being accepted, you must enter a "0" (zero) in the conditional field This procedure also applies to Cover Protect instructions Conditional tenders may be accepted for purchase by random lot To be eligible for purchase by random lot, shareholders whose shares are conditionally tendered must have tendered all their shares Page 2
2) Odd lot preference: (a holder s entire position must be tendered) Participants entering instructions on behalf of beneficial holders of 99 shares or less should enter "Y" (yes) in the odd lot indicator field of the PTOP input screen, such instructions, if accepted, will be exempt from any prorated acceptance When entering these "Odd Lot Preference" instructions, do NOT enter an amount in the conditional field and do NOT enter an "X" in the condition field (The PTOP system automatically defaults to an amount of "0" (zero) in the conditional field and "NA" in the condition field when "Y" is entered in the odd lot indicator field) Participants should not combine odd lot instructions with round lot instructions The Offer and Withdrawal Rights will expire at 5:00 pm, New York City time, on September 6, 2018, unless extended or earlier terminated by the company Participants should consult their tax advisor for complete details in reference to withholding taxes Selected Envelope Detail for Envelope ID: 52-06759L103-2 Go To: Select an optioncorporate Actions ServicesSettlement Services MenuCUSIP SearchNew and Contra CUSIP SearchReorganization Summary SearchReorganization New CUSIPs SearchReorganization Updated CUSIPs SearchMaturity Summary SearchMaturity Updated CUSIPs SearchRedemption Summary SearchRedemption Updated CUSIPs SearchRedemption Cancelled CUSIPs SearchLottery Results SearchDividend Announcement Services Aug 10, 2018-3:42 PM EST Logged on as: 05610-002 Selected Reorganization CUSIP CUSIP: 06759L103 Activity: Tender (52) Create Date: 08/07/2018 CUSIP Description: BARINGS BDC, INC + Comments: None Position: Target Direct Inquiries to: THE CUSTOMER HELP CENTER AT Phone: (888) 382-2721 - OPTION 4 Phone: Envelope Detail OFFER TYPE : DUTCH AUCTION FINAL INFORMATION SOURCE : OTP/LOT DATE FINAL INFO SOURCE REC'D : 08/07/2018 FOREIGN ISSUE : N PAYOUT CURRENCY : U S DOLLAR OFFEROR : BARINGS BDC, INC OFFEROR S TERMS : PRICE NOT >$ 1032 NOR <$1172 PER SHARE ATOP ELIGIBLE : ATOP I ELIGIBLE CONTRA CUSIP : 067SPC915 CONTRA CUSIP DESC : BARINGS BDC, INC & DTC EXPIRATION DATE : 09/06/2018 ACTUAL EXPIRATION DATE : 09/06/2018 DTC COVER PROTECT EXPIR DATE : 09/10/2018 ACTUAL COVER PROTECT EXPIR DT : 09/10/2018 WITHDRAWAL DATE : 09/06/2018 WITHDRAWAL PRIVILEGE : N DTC SUBMIT PROTECT EXPIR DATE : 09/06/2018 BID ODD LOT (ATOP) : Y NUMBER OF CONDITIONS : 1 Comments For RIPS users, please refer to envelope ID: 52-06759L103-01 for additional information 8/8/18: The contra CUSIP number associated with this envelope is for the submission of tenders at a specified purchase price of not in excess of $1032 nor less than $1172 per share, inclusive Page 3
Selected Envelope Detail for Envelope ID: 52-06759L103-3 Go To: Select an optioncorporate Actions ServicesSettlement Services MenuCUSIP SearchNew and Contra CUSIP SearchReorganization Summary SearchReorganization New CUSIPs SearchReorganization Updated CUSIPs SearchMaturity Summary SearchMaturity Updated CUSIPs SearchRedemption Summary SearchRedemption Updated CUSIPs SearchRedemption Cancelled CUSIPs SearchLottery Results SearchDividend Announcement Services Aug 10, 2018-3:42 PM EST Logged on as: 05610-002 Selected Reorganization CUSIP CUSIP: 06759L103 Activity: Tender (52) Create Date: 08/07/2018 CUSIP Description: BARINGS BDC, INC + Comments: None Position: Target Direct Inquiries to: THE CUSTOMER HELP CENTER AT Phone: (888) 382-2721 - OPTION 4 Phone: Envelope Detail OFFER TYPE : DUTCH AUCTION FINAL INFORMATION SOURCE : OTP/LOT DATE FINAL INFO SOURCE REC'D : 08/07/2018 FOREIGN ISSUE : N PAYOUT CURRENCY : U S DOLLAR OFFEROR : BARINGS BDC, INC OFFEROR S TERMS : TENDERING AT AN UNSPECIFIED PRICE ATOP ELIGIBLE : ATOP I ELIGIBLE CONTRA CUSIP : 067NSP906 CONTRA CUSIP DESC : BARINGS BDC, INC & DTC EXPIRATION DATE : 09/06/2018 ACTUAL EXPIRATION DATE : 09/06/2018 DTC COVER PROTECT EXPIR DATE : 09/10/2018 ACTUAL COVER PROTECT EXPIR DT : 09/10/2018 WITHDRAWAL DATE : 09/06/2018 WITHDRAWAL PRIVILEGE : N DTC SUBMIT PROTECT EXPIR DATE : 09/06/2018 BID ODD LOT (ATOP) : Y NUMBER OF CONDITIONS : 1 Comments For RIPS users, please refer to envelope ID: 52-06759L103-01 for additional information 8/8/18: The contra CUSIP number associated with this envelope is for holders who are tendering without specifying a price Agent Information INFORMATION AGENT REORGANIZATION VOLUNTARY SEE COMMENTS NEW YORK NY 10041 Page 4